Enchanted Hill, a prime Beverly Hills-area development site owned by the estate of Paul Allen, is returning to market at $110 million, down from $150 million a year ago. Until his death last year, Allen owned the Seattle Seahawks.

The 120-acre property, crowning a hilltop between Beverly Glen and South Beverly Park, is one of the largest undeveloped sites remaining in Beverly Crest — an area that carries the famed 90210 ZIP Code. The site is comprised of five flat lots that could be used to develop a single-family compound that could accommodate several structures, such as equestrian facilities and a winery. Subdividing the property to create a modern gated community is another possibility, according to Jesse Lally, one of four listing agents with Beverly Hills-based brokerage Hilton & Hyland.

“Enchanted Hill is such a different property in that it has a real creative sense to it,” Lally said. “Every existing pad has something charming about it: Some have incredible canyon views, some have incredible privacy and some have incredible ocean views.”

In other words, it’s a collection of perfect blank canvases. “A creative architect or developer could do something really special here,” he added.

Allen, the Microsoft Corp. co-founder and philanthropist, oversaw the Seahawks’ rise to three Super Bowl appearances and guided the building of CenturyLink Field in Seattle. He bought the property in 1997 for $20 million, originally intending to develop the site as a private compound for himself. During his ownership, Allen added a one-mile private street and utilities to the site. Two guard-gated entrances were installed: one on Benedict Canyon Drive and a main entrance on Angelo Drive.

Having an address on Angelo Drive also lends a certain cachet. Business and entertainment magnate David Geffen and Hyatt Hotel heir Anthony Pritzker both own multimillion-dollar compounds on the snaking canyon stretch. Others who live on the street include actress Sandra Bullock and musician Ricky Martin.

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Like many of the properties that surround it, Enchanted Hill has a history that traces back through Old Hollywood.

The property was once the site of a home built for cowboy actor Fred Thomson and his Oscar-winning screenwriter wife, Francis Marion. Designed by noted architect Wallace Neff, the Spanish Colonial-style house was razed by Allen in the early 2000s.

The new listing comes as the Paul G. Allen Family Foundation has put up for sale a number of the late billionaire’s prized belongings. Last month, Allen’s legendary megayacht — a mammoth, 414-foot vessel called Octopus — listed for 295 million euros ($326 million). A Soviet-era MiG-29 fighter owned by Allen was put up for sale in August for an undisclosed price.

The foundation continues to operate Allen’s sports franchises, which also includes the NBA’s Portland Trail Blazers.

Allen, who died last year at 65, was a programming genius who founded Microsoft with Bill Gates when he was 22. After leaving the company eight years later, with what would become one of the largest fortunes in U.S. history, he devoted his life to philanthropic causes and investments that included space travel and technology.